Ecuador: pay us not to develop oil reserves in the Amazon

Ecuador says it will wait a year to see whether the international community takes its offer to forsake development of a giant oil field in the Amazon rainforest in exchange for compensation, reports the Environmental News Service (ENS).

The Ishpingo-Tiputini-Tambococha oil fields are believed to hold 900 million to one billion barrels of oil equivalent, or about one quarter of Ecuador’s known reserves